Give Two Examples of Facilitating Services

question 36

Essay

Give two examples of facilitating services.

Identify the function and impact of adjusting and closing entries on the financial statements.

Distinguish between temporary and permanent accounts and their roles in the accounting cycle.

Understand the purpose and process of preparing reversing entries and their impact on recordkeeping.

Recognize the preparation and significance of post-closing trial balance.

---

Definitions:

Dollar Appreciate

Refers to the increase in value of the US dollar against other currencies, making foreign goods and services cheaper for US consumers but US exports more expensive for foreign buyers.

Dollar Depreciate

A decline in the value of the U.S. dollar relative to other currencies, resulting in decreased purchasing power internationally.

Weaker Peso

A situation in which the value of the Mexican Peso decreases relative to other currencies.

US Exports

Goods or services produced within the United States and sold to buyers in other countries.